Student Debt, Student Loans | My College Planning Team

How Uncle Sam Handles Defaulted Student Loans

Student loans are big business. Collecting defaulted student loan money is becoming an even bigger business. An Overview The federal government works with student loan servicing companies to collect on outstanding student loans. It’s these companies that deal with students once the student loan papers are signed and payments finally come due. When borrowers default, the U.S. Department of Education’s debt collectors come knocking. The federal government has given these debt collectors immense power, unlike anything an ordinary debt collector can…

PSLF: Tips for Students with Large Government Loans

There has been a lot of uncertainty regarding the Public Service Student Loan Forgiveness (PSLF) program recently. That being said, we think it is likely to remain in place, although perhaps in a modified form. Accordingly, it is important for borrowers entering public service employment to be prepared. Knowing what to do is especially important when student borrowers run into problems with their loan servicing company. As with any problem, the more you know, the sooner you can take action…

How Will the Education Budget Affect College Families?

From the screaming headlines over the past few days, it would seem that the president’s new budget on higher education will be devastating to American families who are already struggling to pay for college. So, it’s time to be objective and look at the facts. The president’s budget, if implemented, is really not going to have that much impact on MCPT families. Here’s a brief overview: Pell Grant Funding Though the talk about reducing the Pell Grant surplus has been…

Can Parent Plus Loan Forgiveness Rescue Some Families from a Lifetime of Debt?

Unbeknownst to many who are struggling to pay for college, the current loopholes in the Parent Plus Loan rules allow some families to receive full forgiveness on a boat load of college debt. It’s not a viable strategy for everyone, it’s not a recommendation by any means, and there is quite a bit of controversy surrounding it, but there is a way to banish the bills from your Parent Plus Loan for good. But should you? Parent Plus Loans…

Uncertainty Looms Over the Student Loan Forgiveness Program

Federal student loan borrowers who had believed they qualified for loan forgiveness under a particular federal income-driven repayment (IDR) program are suddenly facing a financially shaky future. The spotlight’s on the Public Service Loan Forgiveness Program due in part to a lawsuit filed by four participants: they fulfilled employment and loan repayment requirements and made employment decisions based on eventual student loan relief only to have those qualifications later reversed. What is the Public Service Loan Forgiveness Program (PSLF)? In…

Beware of Student Loan Scams!

Debt, despite how essential it is for many American families trying to afford college, can be in and of itself the cause for quite a bit of stress. When you factor in the further difficulty students are having finding employment after graduation, and loan management companies that can be less than forthcoming with information that could ease your repayment burdens, the tension only grows. Wouldn't it be great if there was a trick or a quick fix to help get…

The Real Cost of 2 Extra Years of College

It can be tempting to believe that after the FAFSA is filed, the credit-hours are allocated and the tuition payment is sent, that the financial aspect of the college experience is on hold until next semester. However, the classes your student selects, and of course how well they do in them, can have farther reaching ramifications than you might think. It’s common knowledge that more time in college means more money coming out of pocket; what’s less conspicuous, it…

The Peace Corps Can Help Reduce College Costs

Who wouldn't love a chance to work a job that pays off student loans? The Peace Corps offers federal loan forgiveness, plus a whole world of other benefits. Graduating with a mountain of debt has become a tradition in our country. Thanks in part to easy access to low-interest college loans over the past 25 years, we've become a nation of debtors. But for anyone who took out loans under the William D. Ford Federal Direct Loan (Direct Loan) Program, there's hope…

5 Common Student Loan Mistakes

My College Planning Team's Financial Aid Team presents five of the most common student loan mistakes. https://www.youtube.com/watch?v=QqXP7WTrDmk Need Help Paying for College? My College Planning Team's Financial Team can assist you with identifying the best methods to use to fund your student's college education. Contact our team for more information or click here to schedule a free consultation. My College Planning Team Serves the Following Chicagoland Areas: Arlington Heights · Aurora ⋅ Barrington ⋅ Bartlett ⋅ Batavia ⋅ Bloomington ⋅ Bolingbrook ⋅ Buffalo Grove · Carol Stream ⋅ Carpentersville · Clarendon Hills…

REPAYE: New Student Loan Forgiveness Program

Federal student loans are some of the most forgiving and debtor-friendly loans that you are likely to come across. In spite (or arguably because) of this, student loan repayment has declined considerably over the years. In an effort to combat the problem, the Federal government has instituted plans to make repayment even easier. Student Loan Forgiveness Program PAYE In an attempt to curtail the rise of borrowers failing to repay their loans, the Federal Government created student loan forgiveness programs to aid and incentivize borrowers…

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How Uncle Sam Handles Defaulted Student Loans

PSLF: Tips for Students with Large Government Loans

How Will the Education Budget Affect College Families?

Can Parent Plus Loan Forgiveness Rescue Some Families from a Lifetime of Debt?

Uncertainty Looms Over the Student Loan Forgiveness Program

Beware of Student Loan Scams!

The Real Cost of 2 Extra Years of College

The Peace Corps Can Help Reduce College Costs

5 Common Student Loan Mistakes

REPAYE: New Student Loan Forgiveness Program